ISO, a member of the Verisk Insurance Solutions group at Verisk Analytics, has launched ISO Casualty Index, a new service that offers loss ratio and loss development trends for select lines of casualty insurance.
Using the latest technologies to collect, analyze, develop, and deliver information, the index will offer data, analytics, and decision-support services that help its customers evaluate and manage risk.
It will enable customers to track underwriting cycles, manage adverse loss experience and performance.
According to the ISO, the index is based on its statistical data collected from over 700 insurer groups throughout the US and it contains more than 15 billion transactional records.
ISO vice president Virginia Prevosto said the index is designed for use by actuaries, underwriters, and other insurance professionals, in addition to participants in the insurance-linked securities markets.
Presently, the index covers ten defined sectors within the general liability and commercial auto lines of business.
JLT Re, the first insurer to license the ISO casualty index, was integral in cultivating interest and input from its customer base and active market participants ranging from reinsurance companies to capital markets.
ISO executive vice president Carole Banfield said that the depth and breadth of the statistical data collected by ISO allows for a high degree of index customization and enables historical correlation testing between an individual insurer’s results and the index.
JLT Re senior vice president Greg Habay said the combination of ISO’s data resources and brand recognition coupled with the need for such an index led to this logical strategic relationship between ISO and JLT Re.
ISO is a provider of information about property/casualty insurance risk. It provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud-identification tools; and technical services, for the commercial and personal lines of insurance.